Mississauga House Prices and Selling Trends
Mississauga is a beautiful suburban city and is an integral part of GTA (Greater Toronto Area). just the west of Toronto and is situated on the shores of Lake Ontario. Being the sixth-largest city in Canada and the second-largest city of the province Ontario, with the population estimating over 800,000, and covering area of 292.43 sq km, is considered to be one of the top places to live. Because of its safe multicultural community, great transportations systems, a good quality life, and a thriving central business hub, has been able to garner popularity among immigrants and students.
Having geographic location to its advantage, the city gets leverage to have easy access to all amenities offered by Toronto along with adjoining Malta city, where head-offices of all major business centre’s are located.
Housing Market in Mississauga
Mississauga’s high influx of permanent resident newcomers and “express entry” Immigration programs for skilled and well paid workers has contributed a lot for driving high housing demands both for rentals and purchase. Decent rental yields and soaring prices of housing has created fairly good investment opportunities.
In general the overall housing market in Mississauga is pretty diverse, comprising condo apartments, semi-detached homes, single family homes, and townhouses. The versatility and variations in property listings of houses clearly manage to cater different budgets, and needs, covering a wider audience of rentals, buyers, and investors.
This variety allows for diversified investment opportunities and appeals to a broad spectrum of buyers and renters. Continuous rise in the interest rates has already impacted the Canadian housing market. But the growing industrial sector and various initiatives of government favoring housing market creates a lucrative opportunity of investing in Mississauga’s real estate.
Housing Prices Trends in Mississauga
As per the Toronto Regional Real Estate Board, the average price for a home in Mississauga was $1.04 million in March 2023, elevation of 2.6 per cent from February 2023 but declined 12.3 per cent compared to March 2022 last year. In general the housing market in Mississauga has experienced a decline in prices for the last couple of years but still holding base better in comparison to nearby cities such as Brampton and Caledon.
Detached houses are the ones who have witnessed the sharp declines in overall price this year comparing last year. They averaged $1.55 million by the end of March 2023. Though its gradually increasing as compared to Jan 2023 which was around $ 1.3 million but it used to be whopping $2 million in Jan 2022.
From the data received from Toronto Regional Estate board, refer to the figure of pricing trends of detached and semi detached homes in Mississauga.
Semi-detached houses are averaging $ 1.06 million, adding again smaller percentage rise from previous months but lower in terms of last year.
Townhouse-style condos up for sale averaging $800,000, which is an upward trend in comparison from last few months, but used to be much high last year. This is 14% down trend pricing from last year 2022. In Feb 2022, Townhouse-style condos were averaging over $1 million.
Apartment-style condos are averaging $600,000, another downward trend comparing last year, collectively a 14% drop in average prices.
Housing Selling Trends in Mississauga
The average residential sale price is expected to increase between 2% to 8% this year, resulting in lower number of listings but better outlook in terms of affordability. Most of the Canadian citizens consider ownership of home as the best long term investment.
More than 500 homes sold as per data extracted for March 2023. The average days one house stays in market before selling was around 17 days. By the end of March there were more than 850 active listings of houses for sale in Mississauga.
Detached Houses Sales were around 200 and it took an average of 14 days to sell a detached house. By the end of March 2023 there were 315 active listings.
Semi detached house has an average of 12 days on market and active listings were recorded at 58. around 60 semi detached homes sold on average.
Attached house has an average of 11 days on market before selling and town house style condo has an average of 18 days. Apartment styled condos has an average selling trend of 200 units per month and they usually stay 23 days in market before sale.
Conclusion
The future outlook of the year is promising as there is a potential expansion of the Greenbelts aiming to construct 50,000 new homes in Ontario. According to stats received from the Mississauga Real Estate Board, this whole year’s conditions would be favorable for home buyers. Therefore, if you are considering a long-term investment, this is the best time to chime in. With such conditions, if you have the down payment and financial stability, you’ll be more likely to be the homeowner in Mississauga in 2023.
About H.Jaggi Homes
Harpreet Jaggi Group started its journey almost 3 decades back. The Group has firmly established itself as a trustworthy and dependable organization in the Real Estate industry that delivers quality. They have a team of professional realtors in Mississauga.